Why you should invest in marketing analytics in 2015
- AUTHOR Josh Rosenberg
- December 2, 2014
- No Comments
I was reading Duke University’s Fuqua School of Business August 2014 CMO Survey the other day and noticed two really important trends for B2B marketers:
– Digital marketing spend increased while non-digital marketing spend decreased
– Spending on marketing analytics is expected to increase 73% over the next three years
The first point isn’t so surprising to me, but nonetheless is an important one. Digital marketing programs are becoming more important as our prospects are spending more and more time online to determine which solutions are best for them. Plus it is harder to measure the results of marketing programs that aren’t digital because it is not as easy to track them directly through a marketing automation tool or CRM system. Lists have to be uploaded and manually associated with campaigns, data can get lost, etc.
However the fact that spending on marketing analytics is expected to increase by that much (across B2B and B2C companies) is really cool. Marketing analytics are at the heart of what every demand generation and marketing team is trying to accomplish – driving an increased amount of higher quality leads for the sales team. Accurate marketing metrics and analytics provide critical insights into which marketing campaigns actually influence pipeline and revenue, which campaigns help convert leads from Marketing Qualified to Sales Accepted, and really help align company’s sales and marketing processes. All of which are critical to growing a company and ensuring its continued success.
There are many marketing analytics tools out there but to get the most bang for your buck in terms data and insights the best tools to use are those that augment or enhance the data tracking and reporting in your current CRM system (like Salesforce). This is optimal because not only are CRM systems the system of record for your leads and contacts but having your sales and marketing data in the same place provides much better end-to-end reporting.
The bottom line is that without accurate analytics it is impossible to tell what is really working from a marketing perspective – and it is very exciting to hear that marketers (and the executive teams approving budgets) agree that investing in marketing analytics is important to securing the future of their companies.